I have developed some apps for Android, and this questions stays always:
How should I structure my UI? Should I launch activity after activity and leave the phone to make the "back" button, or should I choose more optimized, but more complex to implement, way with switching manually Views and then manually doing the "Back" button functionality?
What do you think (or know) is the better practice?
It all depends on application, what are you trying to achieve better performance, smoother UI. IMHO I prefer the second approach of controlling the Activities manually even that it is more complex as you have stated. This is a approach I have used in my android tabs project, also you might want to take a look at a class called ActivityGroup (not sure the package) it allows you to have multiple activities that you can switch between, good thing about this class is that your activities are not unloaded when you switch but a bad thing is it takes longer to load your main app.
Just my opinion.
I would say that multiple Activities almost always makes more sense. I just don't think Android is designed for constantly switching its own views - you miss out on so much. You have to implement Back yourself, you don't get any inter-Activity transitions, you have to implement a lot of internal logic to resume an application in the correct state. If you don't partition your app into Activities, it makes it a lot more difficult later on to change the flow of your application. It also results in one mega-Activity that can be a lot harder to handle than a lot of smaller pieces of code.
I have trouble imagining that speed is really an issue; if it is then there's something wrong with the way you're initializing each Activity. For example, I used try to pass Serializable objects between Activities, and that proved to be incredibly slow; when I switched to a faster method of passing objects, the speed of launching Activities increased immensely.
Also, I think it's telling that the Android guidelines for Activity and Task Design don't mention switching Views at all; it's centered around an Activity-as-View design.
Also keep in mind that implementing your app with multiple Activities will give the user a more coherent experience with the platform as a whole. Part of the experience will be shaped by using the built-in Google apps, so users will probably have an easier time using your application if it behaves similarly to the ones that are already installed on the phone.
The problem with switching views, that I stumbled upon, is also caused by garbage collector. Seems that GC is triggered when you leave activity and not the view. So, changing tabs with a fairly complex children views, for instance, will almost inevitably lead to stack overflow exception..